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Hike Season: Now it's SBI's turn

SBI to hike repo rates to meet the RBI measures

Apnaloan.com Research Bureau

10 Aug 2007

The bank yesterday announced an across-the-board hike of 50
bps in lending rates.

State Bank of India (SBI), the country's largest bank, has
decided not to spare existing home loan borrowers from an increase in interest
rate this time around. The bank today announced an across-the-board hike of 50
basis points in lending rates.

The bank has raised its benchmark advance rate to 12.75 per
cent with effect from April 9, which will increase loan costs for individuals
as well as corporate borrowers.

SBI's effective interest rates for home loans with repayment
period of less than five years now is 10.75 per cent and for 5-20 years is
11.25 per cent. The revised interest rate on fixed rate home loans is 12.75
per cent.

SBI and other public sector banks had spared existing home
loan borrowers when they raised their lending rates in February.

The decision was in adherence to the finance ministry's
suggestion that existing home loan borrowers should not be burdened as those
who had borrowed over a year ago had already seen a sharp rise in either their
equated monthly instalments or tenures.

The increase in PLR by SBI is still less than the 75-100
basis points increase in lending rates effected by other banks after the
Reserve Bank of India (RBI) announced more monetary tightening measures to
combat inflation.

UP, UP
AND AWAY

Name

Increase
(bps)

PLR
(%)

SBI

50

12.75

ICICI Bank

100

12.75 (individual),
15.75 (corporate)

BoB

75

13.25

HDFC Bank

100

15

UTI Bank

100

15

Yes Bank

75

14.75

HDFC

50

14

The current round of interest rate hikes is meant to pass on
rising cost of funds to borrowers. SBI, which is struggling to push up its
deposit growth rate, had started a rate war by announcing a peak rate of 9.5
per cent for 3-5 year deposits. ICICI Bank and others were pressurised by
competition in announcing higher deposit rates. SBI's deposit growth is around
12 per cent against the sector's deposit growth rate of close to 25 per
cent.

State Bank of India's outstanding housing loans stood at Rs
36,475 crore at the end of December 2006. Housing loans account for more than
half of the bank's retail advances and around 12.5 per cent of total
advances.